I guess the problem is that at this point, they can’t excise (all) the dumb bits - they’re locked in.
Gods know - he sounds kind of nuts, so extracting maximum money out of the company before being pushed out may have been an unintentional benefit after failing in an honest but insane attempt at world domination.
Wow, if we just got rid of socialistic libraries, public roads, social security, medicare, etc, we could all be billionaires!
Almost like? Nooooo. He totally is.
While Wework didnt get to its IPO it did issue a bond, which can be shorted.
Matt Levine at Bloomberg has been characteristically good on WeWork if anyone wants to look further.
You started to poke holes in the company back in 2017. What was it about WeWork that made you skeptical at that time?
I brought a core competence to the situation called math. And I just saw a company that for every $1 in revenue it was taking, it was spending $2.
I don’t claim to have any special skill here other than basic arithmetic. This company never made any sense.
Heh.
I think Shingy just found his next gig.
If he gets a job with a bank or a mortgage company, pray.
Tick-tock…
“Hey, these Three Stooges couldn’t revive our last big-bet turkey, so let’s put them on the next one!”
At Softbank, the glass floor is more like a transparent aluminium floor.
It looks like a giant Ponzi scheme.
SoftBank itself is heavily reliant on debt. It is obsessed with debt financing, which means that, in order to make investments, it will take out loans against the equity it has on another company. SoftBank has taken unprofitable companies, pumped them full of borrowed money to turn them into larger, still unprofitable companies, and hoped that with SoftBank’s influx of cash, they can undercut market rates, monopolize an industry, jack the prices back up, and make off like bandits. We’ve seen this strategy with Uber, where SoftBank is the largest investor. And now we’re seeing it with WeWork. Failing monopolization, or basic business stuff like “making money,” SoftBank can at least keep up the smoke-and-mirrors long enough to do an IPO so it, a startup’s founders, and other early investors make a lot of money; later investors, employees, customers, and the public at large get screwed.
Wait just a minute here.
The Patriarch Organisation!?
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